Precious metals have felt deeply the conflict in Ukraine this year and the Fed’s start to withdraw monetary and fiscal stimulus.
According to the ‘Paladium Standard 2022’ report, the gold “does not seem to intend to hibernate the golden bears” was said.
THE GOLDEN BEAR DOES NOT LOOK AT WINTER SLEEP
According to Evrim Küçük from Dünya, After the inflation figures in the USA are high, the talk that the Fed may increase interest rates by 100 basis points in the meeting to be held next week, brings the gold price down. Spot gold price reached the lowest level of the last 2 years, 1,660 dollars / ounce yesterday morning. Credit Suisse’s strategists warn that a break of 1,680 will trigger more selling. Strategists think the next support could slide to $1,618, followed by $1,560 and eventually to $1,451. Experts say that $ 1,720 must be exceeded before it can rise. Societe Generale, ‘Golden bears aren’t ready to hibernate yet’ In his report, he stated that they expect the gold price to decline to the level of 1,550 dollars / ounce until the third quarter of 2023.
EXPECTATION IN PLATIN 890 DOLLARS/ONS
It is estimated that the platinum market will have a significant surplus. It is estimated that there will be 745 thousand ounces of surplus this year. Automotive demand is projected to rise 13 percent to 2.86 million ounces in 2022. Global demand for platinum jewelery is projected to decline by 7 percent to 1.67 million ounces this year. Industrial demand for platinum is expected to rise 6 percent to 2.31 million ounces. The price is expected to remain weak and average $890/ounce over the next six months. The weak economic outlook does not create a supportive environment for platinum.